From Euro Intelligence….

Frankfurter Allgemeine has cracking scoop this morning, having obtained an internal memo from the economics ministry, which expects a slump in growth of more than minus 3 per cent for next year, by far the worst economic decline in German post-war history. The ministry plans to make this forecast official in its annual economic report, due out January.

Worse still, the decline in the present quarter is estimate at 1.25-1.75%. Note these are actual, not annualized figures.